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The extremely negative sentiment around Cardano (ADA) could soon lead to a significant increase in the token's price, according to Santiment. Based on data from a crypto analytics agency, a significant drop in the price of ADA in 2022—about 70%—has caused an extremely negative reaction from the crowd and, as a consequence, further exacerbated the fall in quotations.
🥲 #Cardano's price is down 69% in 2022, and this has caused social sentiment toward the #8 market cap asset to drop harder than most. The last time the crowd was this negative in Jan, $ADA rebounded +24% in 5 days until sentiment turned positive again. https://t.co/4BLpLNDraG pic.twitter.com/mJgnhtpB1V
— Santiment (@santimentfeed) July 13, 2022
The level of negativity experienced by Cardano (ADA) is comparable to that of January 2022. What is interesting is that then ADA, oversold by upset investors, managed to show significant growth of 25%. The crowd then turned highly optimistic toward Cardano, and the token continued to fall again.
Cardano (ADA) price review
Now the ADA, having fallen into the $0.6-$0.42 range in early May, is trading at a strong support level, which is the lower boundary of the aforementioned price corridor.
The $0.4 per ADA level was last crossed in February 2021, which means that all of the growth from then to now has been erased. Is this a good time to add ADA tokens to your portfolio? Perhaps, given the cited statistics from Santiment and the soon-to-be-implemented Vasil hard fork, the massive long-anticipated update of the Cardano network. However, it is more prudent to keep your stop loss close so that, in case the $0.4 level is breached, your funds will not be in free fall.